Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme is now closed to new applications.
Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you have a query about CBILS, or wish to discuss an outstanding application, please contact your dedicated business manager, or email us on firstname.lastname@example.org.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
SWIG Finance is continuing to support SMEs, including those businesses who have been affected by the COVID-19 pandemic.
We are working in partnership with the British Business Bank to deliver the Coronavirus Business Interruption Loan Scheme (CBILS).
As part of CBILS, SWIG Finance can provide loans from £50,001 up to £250,000 to businesses in the South West region (up to £100k in Cornwall and the Isles of Scilly). Arrangement fees and the first 12 months interest will be paid by the government.
You gain access to lending via this scheme but you, the borrower, remain responsible for repayment of 100% of the outstanding facility at all times and not just the amount of the facility outside the coverage of the Government guarantee.
Please note: Where we can offer finance on normal commercial terms without the need to make use of the scheme, we will do so.
This is part of a wider scheme being delivered by British Business Bank to provide facilities of up to £5m for UK smaller businesses (SMEs) across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
CBILS is delivered by British Business Bank accredited lenders, CBILS will support the continued provision of finance to UK SMEs during the Covid-19 outbreak.
The Coronavirus Business Interruption Loan programme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. For full details visit www.british-business-bank.co.uk/CBILS